In trading on Wednesday, shares of the Proshares Short MSCI EAFE ETF (EFZ - Get Report) entered into oversold territory, changing hands as low as $36.99 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.In the case of Proshares Short MSCI EAFE, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 68.9. A bullish investor could look at EFZ's 29.9 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), EFZ's low point in its 52 week range is $36.60 per share, with $53.76 as the 52 week high point — that compares with a last trade of $37.02. Proshares Short MSCI EAFE shares are currently trading down about 0.9% on the day.
More from Stocks
IPO Oh No? Jim Cramer on the IPO Market, Peloton, Uber and Halliburton
Jim Cramer weighs in on Uber, Peloton, and Halliburton.
What to Watch When Amazon Reports Earnings Thursday
Here are three keys to Amazon earnings October 24.
Coty Shares Surge as Company Mulls Divestiture of Professional Beauty Business
The company said it would use proceeds from any transaction to pay down debt and return cash to holders.
McKesson, Teva and Others Reportedly Settle Ohio Counties Opioid Suit
Four major drug companies have reached a deal with a pair of Ohio Counties over allegations they played a major role in fueling the opioid crisis, The Wall Street Journal reports.